Soybeans up 9¢. Tuesday, September 3, 2024
December corn is up 4¼¢ this morning.
November soybeans are up 9¼¢.
December wheat contracts are also higher. CBOT wheat is up 6¼¢. KC wheat is up 5¼¢. Minneapolis wheat is up 1½¢.
USDA announced this morning China is buying 132,000 metric tons of soybeans for the 2024/2025 marketing year.
Naomi Blohm, senior market adviser with Total Farm Marketing, said this morning that Brazil is beginning to face its worst drought in 40 years. “First came wildfires that scorched sugar cane fields. Now, the worst drought in more than four decades is threatening coffee and soybean crops in Brazil,“ she said, quoting ADM Investor Services. ”From May through August, some key agriculture areas faced the driest weather since 1981, according to natural disaster monitoring center Cemaden. And there is no relief in sight; there’s no rain in the forecast for at least two more weeks, a period when coffee trees usually flower and farmers start planting soy.”
October livestock contracts are mixed this morning. Live cattle are up 13¢. Feeder cattle are down 58¢. Lean hogs are down 70¢.
October crude oil is down $2.78.
The U.S. Dollar Index September contract is down to 101.55.
September S&P 500 futures are down 39 points. September Dow futures are down 148 points.
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